Terms Related To Payments in Insurance
Actual Cash Value: The real cost of lost or spoiled properties Insurance minus the depreciation of the property at the time of the loss, for purposes of determining reimbursement.
Annual Limit: The Highest amount of money an insurer (a company providing you with financial coverage) is required to pay per year.
Annuity: A fixed sum of money paid to someone every year, outspread a full benefit.
Appraisal: The act of giving an expert estimate of the value of the property.
Assessed Value: The estimated Budget worth of both real and personal property established by a taxing entity.
Declarations: This is the front page of an Insurance policy that lists important information like coverage amounts, the policy period, and deductible, functioning as a summary of an insurance policy.
Deductible: The specific amount of money an insured ( the person, group, or organization whose life or property is covered by an insurance policy) an individual must pay before the insurer will pay out a claim.
Liability Limit: The maximum amount of money an insurer agrees to pay per claim.
Lifetime Limit: The maximum amount of money an insurer agrees to pay per claim.
Premium: A periodic amount paid by the insured to an insurance company to cover upcoming claims.
Surcharge: Additional cost added to the basic installment, usually due to legal action.
Structured Settlement: A budgetary legal agreement often paid out as an annuity rather than in a lump sum.